Envestnet | Yodlee and its parent company Envestnet have signed a partnership agreement to provide data aggregation, digital applications and data reconciliation solutions to Morgan Stanley’s wealth management businesses.
Under the deal, Morgan Stanley – which manages over $2 trillion in client assets – will integrate combined Envestnet and Yodlee data aggregation, digital applications and data reconciliation solutions into its core wealth management services.
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The integration will enable Morgan Stanley to seamlessly aggregate, cleanse, and reconcile data using the latest machine learning technologies and applications.
Envestnet | Yodlee chief executive Anil Arora said: "Envestnet and Yodlee are proud to announce Morgan Stanley as a new client, demonstrating our combined organization's growing success selling more comprehensive solutions to large, sophisticated financial institutions.
"We are obviously thrilled with this partnership and look forward to building value for Morgan Stanley's advisors and clients with our combined market leading technology."
Envestnet agreed to acquire Yodlee, a cloud-based data analytics company, for nearly $590m in August 2015. The acquisition was closed in November last year.
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